SOYBEANS–
Yesterday’s crop progress report had soybean conditions at 65% good/excellent, which was 1 point behind last week’s rating. According to the USDA, Iowa and Wisconsin beans are looking the best, while Indiana was rated the worst. Planting is 92% complete. Soybeans were 73% emerged, compared to the 5-year average at 71%. July meal reversed lower today, making a high at 307 and a low at 300.9.
July ’26 Soybeans (ZSN26) settled at 1114 (-1.75), high of 1118.5, low of 1110.25. November Soybeans (ZSX26) settled at 1131.25 (-4.25), high of 1137.5, low of 1129.75. Cash price is at 1093 (-6)
July Bean Meal (ZMK26) settled at 301.4 (-1.30) high of 307, low of 300.9
July Bean Oil (ZLK26) settled at 74.98 (+.42) high of 75.84, low of 73.97
Meal to Oil ratio (44.575% Meal – 55.425% Oil)
ZSN26 Moving Averages – (1127) 5-day, (1178) 20-day, (1184) 50-day, (1169) 100-day, (1137) 200-day
ZSX26 Moving Averages – (1142) 5-day, (1178) 20-day, (1169) 50-day, (1142) 100-day, (1113) 200-day
ZMN26 Moving Averages – (309.4) 5-day, (325.7) 20-day, (322.7) 50-day, (317.9) 100-day, (315.6) 200-day
ZLN26 Moving Averages – (75.73) 5-day, (75.55) 20-day, (72.70) 50-day, (66.55) 100-day, (59.09) 200-day
CORN –
July ’26 Corn settled at 420 (+1.25) (ZCN26) high of 425.5, low of 417.5. December ’26 Corn (ZCZ26) settled at 445 (-1). Cash price is 426 (-1)
Corn planting is nearly done at 96% planted. North Carolina and Texas corn had some of the worst conditions ratings, while Iowa and Minnesota had solid good/excellent ratings. Corn may take some time to recover after all the selling taking place. However, corn has found support near the same price level as after the January WASDE.
ZCN26 Moving Averages – (422) 5-day, (451) 20-day, (460) 50-day, (457) 100-day, (456) 200-day
ZCZ26 Moving Averages – (449) 5-day, (476) 20-day, (481) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 585 (+1.75), with a high of 595, low of 581.75. December ‘26 Wheat (ZWZ26) settled at 614 (+.25) Chicago Wheat has a cash price of 577 (+3). July KC Wheat (KEN5) settled at 630.75 (+1)
Yesterday’s crop progress report showed winter wheat harvest at 11% complete, compared to the 5-year average at 6% complete. Spring wheat planting is ahead of schedule at 98% complete versus the average at 95%. Funds added heavily to their short position in Chicago wheat on Friday’s COT report. Funds added nearly 40k contracts to their short position in wheat, bringing their net short position to 57k. Funds hold a small net long position in KC wheat.
ZWN26 Moving Averages – (583) 5-day, (627) 20-day, (620) 50-day, (598) 100-day, (576) 200-day
ZWZ26 Moving Averages – (614) 5-day, (659) 20-day, (652) 50-day, (629) 100-day, (607) 200-day
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